You’ve Seen It Before, And Here It Is Again: “The Chart That Tears Apart The Stimulus Package”

Over a year ago we penned “QE 2 Was A Disaster: Here Is Why US Fiscal “Stimulus” Was A Complete Failure As Well”, because, well, QE2 was a disaster, which is important to remember as we are about to set off on the NEW QE as per Hilsenrath, because apparently creating 80,000 jobs per month (with the S&P a whopping 5% off multi-year highs) “Leaves Door For Fed Wide Open” even though the Fed has shown beyond a shadow of a doubt it is incapable of creating jobs and at best can ramp the Russell 2000 for a few months. But more importantly, a year later it is obvious that the ARRA just kept on being wronger and wronger with each passing month, until we get to today. We will spare readers our conclusion about ARRA architect Christina Romer’s (long gone from the administration for obvious reasons) predictive powers, suffice it to say they are on par with those of the Fed itself. Simon Black, using AEI data, reminds us how the ARRA chart looks, one year later.